Stocks in Hong Kong entered a bear market on Friday, down 21 percent from their high near the start of the year, as investors grew increasingly worried that the deteriorating condition of China's real estate sector could spill over into the broader economy. The slump in the Hang Seng Index, which is made up mostly of companies from the mainland, comes as China's economy confronts weakening growth. After three years of harsh Covid restrictions, foreign investment is down, consumers are spending less and the housing market is in turmoil.

https://www.nytimes.com/2023/08/18/business/hong-kong-stocks-bear-market.html

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